PITTSBURGH, PA — MSA Safety Incorporated recently announced it has completed its acquisition of Globe Holding Company, LLC of Pittsfield, NH, in an all-cash transaction valued at $215 million, or approximately two times revenue and nine times EBITDA on a trailing 12-month basis.
Globe is an innovator and manufacturer of firefighter protective clothing and boots, with approximately 420 employees across four U.S. locations. The transaction, which MSA announced in late June, was financed through incremental borrowings with an after-tax cost of less than 2 percent.
With the acquisition complete, MSA significantly strengthens its position in the North American market for firefighter personal protective equipment PPE.
“Globe is a highly recognized and respected brand of firefighter turnout gear, which very nicely complements our own line of firefighter protective equipment,” said William Lambert, MSA Chairman and CEO. “With virtually no product overlap, the acquisition aligns well with our corporate strategy in that it expands our core product portfolio in a key customer segment. More simply, it means we can now help protect firefighters from head to toe, with Cairns Helmets, our industry leading G1 self-contained breathing apparatus, and Globe turnout gear and boots."
Steve Blanco Appointed President of MSA Americas
On Aug. 9, MSA announced the promotion of Steve Blanco to the position of president, MSA Americas.
Blanco, 50, succeeds Nishan (Nish) Vartanian, who was elected president and COO of MSA in June of this year. For the past 2 years, Blanco has served as corporate vice president and general manager of MSA’s U.S. and Canada region. As president of MSA Americas, Blanco will now be responsible for all of the company’s business interests in Latin America, while continuing to oversee MSA’s operations in the U.S. and Canada.
Blanco joined MSA in 2012 as vice president of global operational excellence, a role in which he led the implementation of best-in-class practices that helped advance the effectiveness and efficiency of MSA’s global manufacturing operations. As vice president and general manager for MSA’s U.S. and Canada business, Blanco oversaw a number of strategic initiatives that helped the region achieve key goals, highlighted by operating margin expansion, the successful delivery ramp-up for MSA’s market-leading G1 self-contained breathing apparatus, and helping the company’s Americas segment achieve more than 20 percent growth in fall protection revenue in the first six months of 2017.
Prior to joining MSA, Blanco worked for Eaton Corporation, a global and diversified power management company, as vice president of manufacturing for the company’s $7 billion electrical sector. Before that, he worked for Ford Motor Company and Visteon, serving in a variety of engineering, plant management and operations roles.
In his new role, Blanco will remain located in Cranberry Township, Pa., at the company’s global headquarters.